Economy Grew at Vigorous Pace in Last Quarter

The United States economy grew at its fastest pace in more than six years at the end of 2009, even as businesses resisted hiring and continued to do more with less.

The New York Times

The broadest measure of economic activity, gross domestic product, expanded at an annual rate of 5.7 percent in the fourth quarter, after a 2.2 percent increase the previous quarter.

"It was an excellent report, but it’s not clear how sustainable this pace of growth is,” said John Ryding, chief economist of RDQ Economics.

The growth rate was the fastest since the third quarter of 2003, when the economy grew at a rate of 6.9 percent. But even 2009’s fourth-quarter surge was not enough to overcome a terrible start to the year. The economy finished 2009 with its biggest contraction since 1946, when the country was still cooling off from World War II.

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How a MWCN Entrepreneur of the Decade helped give birth to the internet.

It wasn't yet today's Internet, but 40 years ago technicians made the final connections between three computers in California and one at the University of Utah that would lead to the transformation of human communication.

The fledgling network they created inspired other government-backed and private projects that by the early 1990s would merge to become the Internet and revolutionize how we work and play.

How the U. found itself at the beginnings of this revolution in the late 1960s is a story less filled with deliberate calculation than with chance, coincidence and a flood of federal money that followed native son and MountainWest Capital Network Entrepreneur of the Decade David Evans home.

(And you thought Al Gore invented it!)

CLICK HERE to read the article from the Salt Lake Tribune.

Americans Have Lost $8.8 Trillion During Recession

Zions Bank President Confident Business Cycle is Well

SALT LAKE CITY – Nov. 23, 2009 – Close to $8.8 trillion has been lost by the American people over the past 18 months according to Scott Anderson, president and CEO of Zions Bank.  The good news is that "the business cycle is alive and well and it really does work.” Anderson shared his economic insights Thursday during a MountainWest Capital Network (MWCN) (http://www.mwcn.org) Roundtable hosted by the law firm of Parsons Behle & Latimer.

In his presentation to more than 30 C-suite executives, Anderson explained that the trillions of dollars lost consisted of shrinking retirements, investment losses and declining home values.  He indicated there has been a fundamental shift in attitude about the economy and that those who are going through this period will likely spend less, save more and forever alter their economic view. 

"In terms of performance, 2009 will likely rank as the single worst year in Utah’s post World War II economic history,” said Anderson. "But I remain cautiously optimistic that we have seen the bottom.”

Using economic indicators, tourism data, annual unemployment percentage changes for Utah and the U.S. employment forecast, Anderson showed there is a mixed message in the data as to the type of economic recovery in store for Utah and the country. Anderson believes a full recovery is still 18-24 months out. He also said many economists project 2010 will be a year of economic recovery—2009 being the lowest year in the cycle. 

Anderson also said the path to repairing the markets includes what he calls, "The New Economy”, and consists of things like no longer riding property market appreciation, consumption based on income and not on borrowing, and additional regulations.  Another key is the "need to see the savings rate come back to a more normal level to repay debt and fund retirement.”

During the event executives participated by pointing out Utah’s strong position in global partner trade, leading Anderson to comment on many positive points in regards to Utah’s economic climate.  He also stated that by lending money, banks can help to boost confidence in the market.

About Zions Bank
Zions Bank is Utah’s oldest financial institution and is the only local bank with a statewide distribution of branches, operating 103 full-service offices. Zions Bank also operates 25 full-service branches in Idaho. In addition to offering a wide range of traditional banking services, Zions Bank is also a leader in small business lending and has ranked as the No. 1 lender of U.S. Small Business Administration 7(a) loans in Utah for the past 16 consecutive years. Founded in 1873, Zions Bank has been serving the communities of Utah for 135 years. Additional information is available at www.zionsbank.com.

About MWCN
Founded in Salt Lake City in 1983, the objective of the MountainWest Capital Network – the real Deal Network – is to support entrepreneurial success and enable business growth by fostering the dynamic flow of information about capital formation and distribution, educating and mentoring excellence, recognizing and rewarding business success and performance, and fostering synergistic relationships through networking. www.mwcn.org

PR Contact:
Maile L. Keone

MWCN PR

(801) 918-0774

maile@lava7.com

 Zions PR Contact:
Rob Brough

(801) 844-7979

rob@zionsbank.com

MWCN Contact:

Lex Watterson

lex@mwcn.org

801-574-0898